A lender works from your tax documents, not from what you really earn. Money that never shows on a notice of assessment can’t be counted, however steady it is.
Match the lender to your proof
Variable, self-employed and commission income aren’t treated the same. Some lenders average two years, others take the weaker of the two. That difference changes the amount far more than the rate.
Skip the weak submission
An incomplete file invites a decline that a complete one would have dodged. Sort the documents first, so the lender isn’t left filling gaps with its own assumptions.
Documents to gather
What the lender will ask for.
What you’re aiming for
Income and documents
Debts and credit
Type of property
Preferred timeline
Lender options
Frequently asked
How long does the process take?+
A preapproval often takes a few days once your documents are in. The analysis is rarely what drags. It’s the wait for an employment letter, a bank statement or an appraisal appointment.
Is the lowest rate always the best choice?+
No. Two offers at the same rate can be thousands apart if you have to break the term. Check the penalty, how much you can prepay each year, and whether the mortgage follows you to your next property.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
